Merck Acquires Ternaus for $6.7 Billion to Secure Blood Cancer Drug

Terns Pharmaceuticals, Inc. (NASDAQ: TERN) has agreed to sell its shares to a subsidiary of U.S. pharmaceutical company Merck at $53 per share, valuing the company at approximately $6.7 billion (around ₩9 trillion). Through this acquisition, Merck plans to expand its hematology and oncology pipeline by adding TERN-701, an oral BCR::ABL1-targeted anticancer candidate for chronic myeloid leukemia patients. TERN-701 is currently in Phase 1/2 clinical trials in the U.S. and holds FDA orphan drug designation. The transaction is subject to customary closing conditions, including the successful tender of shares and the expiration of the Hart-Scott-Rodino antitrust waiting period. Merck will account for the deal as an asset acquisition, recognizing a one-time R&D expense of about $5.8 billion (approximately ₩7.8 trillion) in its second-quarter and full-year 2026 financial results.

Following the agreement, Terns continues to invest in research, development and talent, awarding inducement equity grants to three new employees on April 1. Earlier this year, at the J.P. Morgan Healthcare Conference, the company outlined its 2026 development priorities and key milestones for TERN-701, including plans to accelerate the CARDINAL clinical trial in chronic myeloid leukemia.

Headquartered in California, Terns is a clinical-stage, oncology-focused biotech specializing in oral small-molecule targeted therapies. Its lead asset is the hematologic cancer candidate TERN-701. As existing tyrosine kinase inhibitor (TKI) patents approach expiration, global pharmaceutical firms are bolstering their next-generation targeted therapy pipelines and pursuing oncology mergers and acquisitions in the chronic myeloid leukemia market.